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Strong improvement in 2021 half-year results
Turnover: €129.1m, +9%, above the objectives set
Current operating margin (excluding allocation of free shares) at 9.2% of sales
NIGS: €6.3m, +32.8%
Paris, September 22, 2021
Infotel, (ISIN code: FR0000071797 – memo: INF), a reference partner for the digital transformation of large accounts in Europe, today announces the publication of its accounts for the 1st half of 2021, approved during a Board of Directors which was held on September 22, 2021, and having been subject to a limited review by the Statutory Auditors.
| in €m, as of June 30 (Limited review) |
S1 2021 | S1 2020 | S1 2019 | % Var. 2021/ 2020 |
| Consolidated turnover | 129,1 | 118,4 | 122,3 | + 9,0 % |
| – Services | 125,3 | 114,2 | 118,2 | + 9,7 % |
| – Softwares | 3,8 | 4,1 | 4,1 | – 9,5 % |
| Employee costs | (55,5) | (51,5) | (54,0) | + 7,7 % |
| External loads | (56,9) | (53,0) | (53,7) | + 7,4 % |
| EBITDA(1) | 14,0 | 11,9 | 12,3 | + 17,3 % |
| as a % of turnover | 10,9 % | 10,1 % | 10,1 % | |
| Allocations to depreciation and provisions | (4,1) | (3,9) | (2,9) | + 5,2 % |
| Current operating profit excluding GA (2) | 11,9 | 9,9 | 11,1 | + 20,5 % |
| as a % of turnover | 9,2 % | 8,4 % | 9,1 % | |
| current operating income | 10,2 | 8,0 | 9,5 | + 28,3 % |
| as a % of turnover | 7,9 % | 6,7 % | 7,8 % | |
| Operating income | 10,2 | 9,0 | 9,5 | + 13,4 % |
| Financial results | (0,1) | (0,2) | (0,1) | na |
| Tax | (3,4) | (3,9) | (4,3) | – 12,3 % |
| CEO net income | 6,3 | 4,8 | 4,9 | + 32,8 % |
| as a % of turnover | 4,9 % | 4,0 % | 4,0 % |
(1) EBITDA is calculated as follows: Current operating profit + allowances for depreciation and provisions – allowances for current assets + provisions for litigation + CIR amortization + provisions for pensions.
(2) GA : Free shares for 7 management staff (233,603 new shares created).
An activity higher than the objectives set
In a context of solid business recovery, Infotel recorded revenue of €129.1 million for the first half of 2021, up +9.0%. This performance represents growth of +5.5% compared to 2019, exceeding the target of recording activity comparable to that of 2019.
The Services business generated revenue of €125.3 million, up +9.7% compared to the first half of 2020 and recorded the benefits of a very sustained commercial dynamic.
The Banking/Finance sector notably posted the win of new contracts and at the end of June 2021 represented a contribution of 40.8% to Services revenue. Industry accounts for 22.7% of Services activity with stable activity at Airbus.
With a slight increase in contribution to 19.2%, Services / Transport also included a strong recovery of Air France over the period. Insurance / Retirement increased to 14.1%, compared to 13.6% in 2020. The Administration sector stabilized at 3.1%.
With 202 gross recruitments over the period (compared to 143 last year), the total workforce was 2,669 people at the end of June 2021. The still low inter-contract rate is 2.5% on average over the half-year.
The turnover of the Software activity amounts to 3.8 M€, including 1.9 M€ of royalties from IBM.
In a context of the beginning of recovery in the aviation sector, the Orlando software suite for technical aircraft documentation has won new signatures with Republic Airways, Air France, FlyaDeal, Emerald, Fiji Airways and Binter. She has a very large reservoir of growth to come.
Strong improvement in profitability
This solid recovery in activity is directly reflected in the results, which show a strong improvement. Current operating income, excluding the allocation of free shares, thus amounted to €11.9 million in the 1st half of 2021, up +20.5%, benefiting from cost control linked in particular to the reduction in expenses travel and missions. The current operating margin was 9.2% of sales.
After taking into account the allocation of free shares, the cost of which of €1.7m is lower than last year (€2.0m in H1 2020), operating income stands at the 1st half 2021, at €10.2 million, up 13.4%.
After accounting for the tax charge, net income came to €6.3 million, up +31.2%, representing a net margin rate over the period of 4.9%.
Robust financial structure
The balance sheet shows a total of €227.2 million as of June 30, 2021, compared to €205.0 million as of June 30, 2020, as well as increased equity to €96.1 million compared to €92.2 million a year earlier.
Trade receivables increased to €72.1 million from €59.3 million, and reflect the increase in the volume of activity observed over the half-year.
As of June 30, 2021, the Group has no financial debt. Cash at the end of the first half of 2021 stood at €86.6 million.
Goal for the end of the year
Infotel anticipates continued growth over the end of the fiscal year. Activity in 2021 is thus expected to increase compared to that of 2019, accompanied by current operating profitability at least equal to that of 2019.
Next meeting :
Publication of Q3 2021 revenue: October 27, 2021, after market close
About Infotel
Listed on Compartment B of Euronext Paris since January 1999 (Isin code FR0000071797), Infotel is the specialist in large account management systems, from mobile to very large databases (Big Data). At the forefront of technological innovations, Infotel develops its expertise around two complementary areas of expertise: IT services and software publishing. With €235.2 million in revenue in 2020, Infotel employs more than 2,600 people.
